Global New Energy In The Pandemic

Renewable Energy Is Seizing Market Share During The Pandemic

Nick Cunningham, July 22, 2020 (OilPrice.com)

“Renewable energy has surged to capture a record share of global electricity generation, seizing more market share during the coronavirus downturn. The steep drop in electricity demand, down by more than a fifth in some parts of the world, has hit energy producers everywhere. But because renewable energy has zero variable costs – the sun and wind are free once solar and wind farms are constructed – coal and natural gas are often pushed out of the market first…

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[R]enewables in some places are seizing the opportunity…[They] accounted for 44 percent of power generation in the European Union in the second quarter, up sharply from 37.2 percent in the same period a year earlier…[The European Commission is also considering] raising the emissions reductions target to as high as 55 percent from 44 percent…[But] roughly $697 billion worth of recovery investment has been funneled into oil, gas and other carbon-intensive sectors such as aviation…[and only] $54 billion has gone to green policies…” click here for more

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